The FIT Summit 2023 at Raffles city convention and exhibition centre Singapore was a huge success, with over 750 VIPs (business owners, managers, and investors) from 250 companies in attendance. The event featured over 50+ speakers, panels, and workshops focused on the latest trends in the health, Fitness, and wellness industry.
The FIT Summit was a great brand opportunity to showcase and learn about the latest health, Fitness, and wellness trends. It also allowed brands to network with industry leaders and find new partners and opportunities in Singapore.
Astreem Consulting also marked its presence at FIT Summit 2023. Astreem’s expert and CEO, Ms Hsien Naidu, shared insights on various topics, including the Franchising Economic Outlook in 2023 and Fitness & Wellness as a growing sector in the franchise industry. She also had events and provided valuable advice to brands looking to expand into Asia.
The economic outlook for franchising in Asia remains highly promising. The region’s robust economic growth, expanding consumer base, and favourable regulatory frameworks create a conducive environment for franchisors to expand their businesses. Furthermore, the proliferation of digital platforms, e-commerce, and technological advancements has opened up new avenues for franchise development, marketing, and customer engagement, driving further growth in the sector.
Here are some key highlights on the franchise outlook:
- Service-based industries and quick-service restaurants will witness higher growth than other industries.
- The number of franchise establishments will increase by almost 15,000 units in 2023, or 1.9%, to 805,000 units in the U.S.
- Franchising will add approximately 254,000 jobs in 2023. Growing at 3.0%, total franchise employment is forecasted to reach 8.7 million.
- The total output of franchised businesses – the measure of total economic activity in nominal dollars – will increase by 4.2% to $860.1 billion in 2023, up from $825.4 billion in 2022.
- Franchises’ GDP share of the overall economy will remain at 3%. Compared with 2022, franchises’ GDP — the monetary value of all the finished goods and services produced within U.S. borders — will grow at a slightly slower pace of 4.2% to $521.3 billion.
The fitness industry in Asia is poised for remarkable growth in 2023 and beyond. Increasing health consciousness, a desire for active lifestyles, and a focus on preventive healthcare drive the demand for fitness services. Moreover, technological innovations such as wearable fitness devices, virtual training platforms, and personalised fitness apps are transforming how people approach Fitness, presenting immense opportunities for industry players.
The health and fitness wellness sector is also expected to grow significantly in Asia in 2023. The following are some of the key trends that are expected to drive this growth:
- The fitness market in the Asia-Pacific region has shown steady growth, with a positive forward outlook – Alan MacCharles, Deloitte China.
- Revenue in Asia is 0.78 Billion; YOY Revenue change is 16.8% up YOY 2022.
- Total revenue from the Fitness sector in Asia is expected to show an annual growth rate (CAGR 2022-2027) of 9.66%, resulting in a projected market volume of US$1.13bn by 2027.
The Asian market has witnessed exponential growth in the fitness franchising sector, fueled by several new trends.
- An increasing focus on health and wellness
- A rising number of millennials who are looking for convenient and affordable fitness options
- A favourable regulatory environment for franchising
- Relatively Strong Economy
- Government Support in many countries
The FIT Summit 2023 served as a vibrant platform for brands and industry experts to converge and capitalise on the growing potential of Asia’s fitness and franchising sectors. With diverse participation, valuable insights, and the active engagement of Astreem Consulting, the event highlighted the factors driving franchise success in Asia, presented a positive franchising economic outlook, and shed light on the promising future of the world health and fitness sector in 2023 and beyond. As the industry continues to evolve, such summits play a crucial role in fostering collaboration, innovation, and growth in the dynamic world of fitness franchising.